<<No, I am just saying the preferred get 9%, not 4.5%. I agree that they reduce the earnings on the equity, but the crucial point is that that is not all at the expense of Berkshire's equity, it is also at the expense of 3G's equity.>>

That has been my point all along. Half of the 9% comes from BRK's own equity earning and shouldn't count. Only the other half of 9% is meaningful.

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